NEW DELHI: Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.
The Indian rupee opened higher by 11 paise at 69.72 per dollar on Thursday versus previous close 69.83.
The government proposed to bring down its holding in state-owned banks by launching an exclusive PSU Banks ETF (Exchange Traded Fund), sometime at the end of the third quarter period of the current financial year, said a news agency report quoting sources said.
In a positive development, the US Treasury Department has removed India from its currency monitoring list of major trading partners.
On Wednesday, GST Network released a demo tool for the new and simplified return filing form which is expected to be launched sometime later this year. The prototype, (that is available on webportal https://demoofflinetool.gst.gov.in) gives its stakeholders a feel of what the new return filing system will work.
Congratulating Narendra Modi for leading the NDA to a convincing victory in the Lok Sabha elections, ASSOCHAM President B K Goenka said the second term of the government would be highly beneficial for the economy.